London wealth management company Nutmeg has added £12m to its £30m Series D round from Taiwanese financial services firm Taipei Fubon Bank.
The investment is still subject to regulatory approval but is expected to bring Nutmeg’s total Series D funding to £42m.
The company says this is the second-largest UK fintech round this year and the largest ever raised by a wealth management startup outside of the US.
The company offers an FCA-regulated intelligent investment service with its teams building and managing diversified portfolios tailored to users’ investment goals and appetite for risk.
Launched in 2010, it now claims more than £600m in assets under management on behalf of 25,000 clients.
Nutmeg CEO Martin Stead said: “With interest rates at all-time lows, and inaccessible and expensive competitor offerings, there is an urgent need for change in the investment market.
“We are providing something customers need – simplicity, transparency and value-for-money. It is an unbeatable proposition and one that is in very short supply for retail investors.”
The new capital adds to the £30m closed by Nutmeg last month in a round led by Hong Kong financial services firm Convoy.
The Series D also saw participation from existing backers including Balderton Capital, Pentech and Armada Investment Group.
The company has now raised £71m in total funding.
Nutmeg will use the new funding to accelerate it business plans in the UK including driving innovation and expansion.
Stead also hinted at expansion beyond the UK market and said, “There is a very significant market opportunity before us, in the UK and beyond, and we are going to capture it.
“With these new funds, we will continue to invest in product innovations which disrupt the industry and deliver a better deal – and a better experience – for customers.
“And, we are going to expand into new categories and new territories.”
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